Oct 11, 2019 (SUPER MARKET RESEARCH via COMTEX) -- According to a new report by EMR titled, ' Global Precious Metals Market Report and Forecast 2019-2024′, the global precious metals market witnessed a production volume of almost 32,382 million tons in 2018. The market is further expected to grow in the forecast period of 2019-2024 at a CAGR of 2.34% to attain a production volume of nearly 38 kilo metric tons in 2024.
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Competitive Landscape & Supplier Analysis:
1. Anglo American Plc (lon:AAL)
2. Southern Copper Corp /zigman2/quotes/205202467/composite SCCO +1.51%
3. Newmont Goldcorp Corporation
4. Norilsk Nickel PJSC
5. Northam Platinum Limited
6. North American Palladium Ltd
7. Newcrest Mining Limited
8. PJSC Polyus
9. Pan American Silver Corporation
10.Kinross Gold Corporation
11.Evolution Mining Ltd
12.Compania de Minas Buenaventura S.A.A
Global precious metals market is propelled by the growing demand for renewable energy. They are in demand by various industries like jewellery, chemical industry, and automobile industry, among others. Precious metals are metals that are naturally occurring and are less reactive than most metals. They have high economic value on account of but not limited to their rarity. Usually, they are ductile and have high lustre. Regional markets for global precious metals are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. These regions are headed by many companies such as Southern Copper Corporation /zigman2/quotes/205202467/composite SCCO +1.51% and Newmont Goldcorp Corporation /zigman2/quotes/205356474/composite NEM +0.19% .
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The market for gold, which is one of the types, is less volatile, and therefore investors are looking to invest in it. Gold demand is boosted by Central Banks’ purchases and lowering the value of the dollar. The demand for silver is predicted to rise further due to the rise in solar installations across many markets. In 2019, the market for palladium market is going to increase moderately as the demand from the automotive sector is anticipated to grow. The industrial demand for platinum is forecasted to increase this year as a result of the increase in demand in petroleum and chemical sectors. In emerging economies like India, platinum use in the automotive industry is estimated to grow. Rhodium demand is expected to increase by 2% due to an increase in the market for autocatalyst and industrial sector.
Market Analysis by Types:
Gold is used in jewellery, electronics, coins and medals, and investment, among others.
Market Analysis by Applications:
1. Electric and Electronics
3. Medical Applications
Silver finds its use in electric and electronics, coins and medals, photography, jewellery, and investment, among others.
Market Analysis by Regions:
1. North America
3. Asia Pacific
4. South America
5. Middle East & Africa
Region-wise, the global precious metals market can be divided into North America, Europe, Asia Pacific, South America, Middle East and Africa.
Key Findings of the Report:
1. The global precious metals market is driven by the robust growing demand for renewable energy.
2. The rising demand for the automotive industry, especially in electric vehicles, is providing further impetus to various precious metal industries such as silver, platinum, and palladium.
3. Jewellery sector is a significant driver of precious metals industry.
4. Metals used as autocatalysts, such as palladium and rhodium are propelling the industry forward.
5. The increase in platinum demand from the chemical sector for products such as specialty silicones is driving the industry forward.
6. Demand for platinum from various Chinese industries like glass, petroleum, and chemicals is further aiding market growth.